New Global Benchmark for AI “Model Speed”! MiniMax’s HKEx Listing Ignites Capital Markets, Ushering in a Moment of Value Reassessment for AI China Concepts

On January 9, 2026, Shanghai Xiyu Technology (MiniMax), renowned as one of Shanghai’s “Big Dipper” stars in artificial intelligence, successfully listed on the Main Board of The Stock Exchange of Hong Kong (Stock Code: 0100.HK). This four-year-old General Artificial Intelligence (AGI) unicorn, with its rocket-like speed to market and stunning performance, instantly became the focus of global capital markets. Its listing not only set a record for the largest-ever IPO in the AI large model sector but is also interpreted by the market as a key signal for the value reassessment of China’s core AI assets on the global stage.

Market Sensation: Listing Ignites Frenzy, Soaring Stock Price Reveals Capital Enthusiasm

On its first trading day, MiniMax’s stock opened over 50% higher, rapidly pushing its market capitalization past HKD 76.3 billion. On January 12, Hong Kong’s AI sector experienced a comprehensive surge, led by MiniMax and another star large model company, “Zhipu AI,” with both stocks rising over 30%. Particularly noteworthy, by the time of writing on January 12, MiniMax’s cumulative stock price gain had exceeded 190% within just two trading days since listing, highlighting the intense market heat. The high market sentiment even triggered the exercise of the over-allotment option, allowing the company to raise an additional nearly HKD 700 million.

This frenzy was not an isolated event. Since late 2025, a cluster of Chinese hard-tech companies—including Insilico Medicine, Biren Technology (the first GPU stock on the HKEx), Zhipu AI, and Tianshu Zhixin—have intensively listed on the HKEx, forming a long-awaited wave of tech listings. MiniMax and Zhipu AI are even hailed by the market as the “Twin Titans of Large Models” on the Hong Kong stock market. Their strong performance directly ignited the entire AI sector, driving a broad rally across AI concept stocks such as Weimob, 4Paradigm, Meitu, and Kingsoft Cloud.

Underlying Logic: Why It’s One of the “Global Top Four”? Technological Prowess and Global Footprint Are the Foundation

The market’s fervor is not without basis. MiniMax’s confidence stems from its widely recognized technological leadership and solid global operations. Headquartered in Shanghai’s “Model Acceleration Space” innovation community in Xuhui District, the company is one of the few globally to have achieved research and development in full-stack, multi-modal general-purpose large models and ranks among the “first tier.” Its self-developed series of models, including MiniMax M2.1, Hailuo 2.3, Speech 2.6, and Music 2.0, cover text, speech, vision, and music generation, forming a complete technology stack.

More crucially, its proven commercialization capability and global DNA are key. The prospectus shows that as of September 2025, MiniMax’s global individual user base had surpassed 212 million, covering over 200 countries and regions. In the first nine months of 2025, the company’s revenue increased by over 170% year-on-year, with overseas market revenue contributing more than 70% of the total. This demonstrates exceptional global market expansion capability and a healthy revenue structure. This achievement is particularly remarkable in the current climate emphasizing domestic substitution, proving its products possess genuine international competitiveness.

Capital Feast: Constellation of Star Shareholders, Industrial Will Behind the Four-Year Wealth Creation Myth

MiniMax’s shareholder roster is exceptionally illustrious, making its listing a feast for both capital and industrial players. From its founding in early 2022 to its IPO, the company took less than four years, setting a record for the fastest listing of a global AI company and delivering substantial returns to its early investors.

Its investor lineup spans top international long-term funds, domestic internet giants, premier venture capital firms, and state-backed capital. Key “senior independent investors” include Alibaba, Tencent, miHoYo, and IDG Capital. Among them, Alibaba holds a 13.66% stake, with its share value exceeding HKD 10 billion at the current stock price. Additionally, renowned institutions such as Singapore’s sovereign wealth fund GIC, Abu Dhabi Investment Authority (ADIA), Boyu Capital, Sequoia Capital, and Hillhouse Capital are among its shareholders. The public offering attracted over 420,000 retail subscribers with an astonishing oversubscription rate, reflecting unprecedented enthusiasm among ordinary investors for the AI sector.

Prospects and Challenges: Path to Profitability Remains Long, but the Hand Has Changed

Despite the triumphant listing, as a frontier technology company in an aggressive investment phase, MiniMax still faces the common challenge for all AGI firms—continued losses due to massive R&D expenditures. The prospectus indicates cumulative losses of approximately USD 1.32 billion over the past four years. The company also candidly stated that it expects to continue requiring substantial funding for R&D and operations.

However, the successful listing itself has provided it with valuable “ammunition” and a broader platform. Founder and CEO Yan Junjie emphasized at the listing ceremony: “The true value of an artificial intelligence company is to provide a continuous stream of advanced intelligence for human use.” The significant funds raised from this listing will greatly enhance its financial resilience in facing technological competition and market rivalry. Amid the wave of global investors reassessing the value of Chinese AI assets, MiniMax already holds a crucial first-mover advantage.

Industry Insight: The Dawn of Value Reassessment for Chinese AI?

The market performance of MiniMax’s listing, combined with recent industry positives such as the upcoming release of DeepSeek V4, Alibaba Cloud’s launch of a multimodal development kit, and WeChat’s increased support for AI mini-programs, is collectively shifting market sentiment. International investment banks, including Goldman Sachs and Citigroup, have maintained overweight ratings on the AI sector. Bloomberg Intelligence even pointed out that the earnings growth of the Chinese tech giants index is expected to reach a turning point in 2026, potentially exceeding that of the “Magnificent Seven” U.S. stocks for the first time since 2022.

Research reports from institutions like Guolian Minsheng Securities explicitly state continued optimism regarding the value reassessment trend in China’s AI sector. A market consensus is forming: as a batch of AI companies like MiniMax, possessing core technology, clear business models, and a global vision, step onto the capital market stage, China’s artificial intelligence industry is transitioning from a period of technological exploration into a new phase of value discovery and realization. The year 2026 may well mark the beginning of a new era where Chinese AI assets establish a fresh coordinate on the global capital map.